Any type of payment that you worked for would be Earned income it can be any type of payment items, money, bartering, self employment, any type of payment or property, etc that you receive for providing your services working for any one.
Go to the IRS gov website and use the search box for What is Earned Income?
is gambling income earned income
no - after age 70 1/2
If you have reached retirement age, Age Pension ensures you have an adequate income in your retirement.
First you need to have earned income. Anyone who has earned income, of any age (including children), can open an IRA. The earlier you start your IRA, the longer it has to grow. While a concrete/suggested age is not specified to my knowledge, the sooner a person begins contributing part of their income to an IRA the more money will be available come retirement age. Therefore, everyone who is employed (starting at any age) would be wise to start putting money aside for their future.
The most popular age for people to take an early retirement is 60. Years ago it was a younger age but due to the fact that people are living much longer now, plus the fact that many still need the income 60 is considered an early age to retire. Any age prior to 62 is considered early retirement and will effect your retirement benefits. The most popular early retirement age is 59 1/2.
Yes --until you reach the age of full retirement and then you can make as much as you wish without a penalty.
A person no longer qualifies for the Earned Income Tax Credit after age 65. The minimum age requirement is 25.
The earnings test amount numbers are NOT available yet but a good guess would be that the amount for 2011 will not change from the 14160 amount that is for the 2010 earnings test amount. The new numbers for 2011 will be out until after some time in October 2010.
Medicare is deducted from earned income. So, if you get a part-time job after you retire, for example, Medicare will be deducted from those earnings.
There is no income limit once you're over the Full Retirement Age. If you are 67, you're over that limit today - Full Retirement Age for folks born between 1943 and 1954 is 66. In addition, 401(k) distributions are not considered "earnings" for the purpose of the earnings limit for Social Security benefits. Earnings counted toward the earnings limit (for those under Full Retirement Age) includes wages and self-employment income.
A retirement income calculator allows individuals to calculate how much income they will require each month when they have retained, factors that effect this includes age and savings.
According to Ehow.com the average retirement income for retirees in the US is $29000 per year which is based on the retirement age of 65. I hope this helps answer your question.
W. Robert Walton has written: 'The retirement decision' -- subject(s): Old age pensions, Retirement age, Retirement income, Social security, United States 'A time to live' -- subject(s): Retirement income, Social security